Australian Market

With Brexit an almost certainty the advantages of doing business in Australia for UK based businesses is now better than ever. Goods imported into Australia under AU$1,000 require no GST or import tax (except digital downloads such as music, films or software). Australian perception of UK brands are good and they are avid online shoppers, often buying from foreign retailing sites and so we have compiled an overview of the Australian marketplace.

Australia’s fastest growing sectors include: financial services (which shall replace mining as the next major export industry, online shopping (helped by initiatives to expand product delivery and collection options, e-commerce is expected to grow its revenue by 13.3% to more than AUD 12 billion). A weaker exchange rate should also benefit exporters including the tourism industry. Due to the ageing population, healthcare and social assistance have been marked as the top growth industries over the next five years to 2022.

Total Population: 24,598,933

Australia has substantial liquid assets, a high standard of living, and a population among which there is a strong demand for high value products from Asia, North America and Europe. Australians value healthy products and are willing to pay more for these goods. The decision to buy is principally determined by the price factor in Australia. At the same time, the Australians’ increasing interest in quality, the growing impact of fashion phenomena fueled by the media and advertising, make ‘authentic’ products, brand names and top of the range goods particularly popular.

Australians are avid online shoppers, often buying from foreign retailing sites. Australia can also be seen as a pilot market. An increasing number of companies who want to penetrate the American market use Australia as a test zone. Their investment is limited and modes of consumption are very similar.

With a GDP per capita of USD $46.790, Australian consumers tend to have high consumption habits. Their purchasing power is particularly high and has grown by more than 43% in 15 years. European trends are popular and emulated in their purchases. Australian consumers like new products and alternative ones. They are what is called ‘early adopters’, fond of new technologies.

Ethnic Origins: Australia is a multicultural nation with more than 170 different nationalities whose diversity is continually growing. 92% of the population is of European origin (mostly English, Irish, Scottish, Italian and Greek), with 7% of Asian origin and 1% who identify as Indigenous Australian.

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